Product decision
Individual product decision, product line decision and product mix decision are three ways of product decision.
A.) The Individual Product Decision
Individual product decision include five part about decision making about product. These parts are product attributes, branding, packaging, labeling, product support services.
1.) Product attributes
Product attributes mean specialty to product in terms of different ways such as product quality, design, features. These ways play critical role about product sales and positive feedback from customer. High quality products satisfy to customer. Customers never want to low quality product, they want to more than money’s worth. Product attributes are important for keeping alive in competitive
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Brand give information to customer about product. When customers purchase a product, they compare the product with others that in same category and generally brand name is the most effective factor to choose one of them. Brand tells everything about product in terms of quality , features generally. According to Fabrice Larceneux & Florence Benoit-Moreau & Valérie Renaudin, they said that: “We investigate the marginal value of an organic label that appears in combination with a brand, including whether that value varies for brands with high versus low equity. When a brand enjoys high brand equity, consumers feel confident that they know and can trust its product characteristics, so they may consider the organic label less useful.”(2012, p. 86)
3.)Packaging
Packaging means designing the container or wrapper for a product simply. However packaging is not simply like its definition and playing important role in product decision. Good packaging represent good result for firm. Interesting designing package can create majority with competitors. Firm have to attention safety, environmental concern and concept of product when they designing package.
3.)
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It includes all the products that are sold by a company. Product mix dividend to four ways such as width, length, depth, consistency. Firms can combine own existing resources by this means improve firm’s ability to enter market and profit. Firms should be careful on mix decision because failure mix decision yield to increasing on cost.
Reference
Larceneux, F., Benoit-moreau, F., & Renaudin, V. (2012). Why might organic labels fail to influence consumer choices? marginal labelling and brand equity effects. Journal of Consumer Policy, 35(1), 85-104. doi: http://0-dx.doi.org.divit.library.itu.edu.tr/10.1007/s10603-011-9186-1
Netessine, S., & Taylor, T. A. (2007). Product line design and production technology. Marketing Science, 26(1), 101-117. Retrieved from http://160.75.22.2/docview/212252130?accountid=11638
Krishnan, R. A., Joshi, S., & Krishnan, H. (2004). THE INFLUENCE OF MERGERS ON FIRMS' PRODUCT-MIX STRATEGIES. Strategic Management Journal, 25(6), 587-587+. Retrieved from http://160.75.22.2/docview/225017236?accountid=11638
Lele, M. M., & Karmarkar, U. S. (1983, Nov). Good product support is smart marketing. Harvard Business Review, 61, 124. Retrieved from
The consumer decision process consists of these six steps. First, problem recognition: Awareness of an unmet need. Second, information search: Search for alternatives that will meet your needs. Third, alternative evaluation: Evaluate the alternatives. Forth, purchase decision: Decide on the best alternative for you based on your criteria. Fifth, post-purchase behavior: Determine if you are satisfied with your choice. Sixth, disposal of product: Determine if you will keep it, upgrade it, or get rid of
... of Business 3rd Ed Prentice Hall Brassington, F and Pettitt, S (2000) Principles of Marketing Prentice Hall
Brassington (2007) point out that product is not only the physical product, it also include brand, after-sales service, guarantees, installation and fitting which could help product to gain advantage in competitions. Kotler (2007)also point out that product is the goods which is easy for people to be attract, to contract, use and fulfil people’s desire. He also said that the product could be physical products, services, people and organizations.
The marketing mix is for the most part made up of four elements, and they are product, place, price, and promotion. These elements are time and again referred to as the four P’s. Countless sources will portray the marketing mix as a formula used in creating a feasible marketing strategy, with each component utilized in various ways and in different intervals supported depending upon the product or service the group or individual is attempting to market. The marketing mix will be described using three sources to illustrate the elements of the marketing mix. It will also express how each one of the four elements of the marketing mix impacts the expansion of an organization’s marketing strategy and tactics.
It is also important to note that marketing mix applied by a particular firm will vary according to its resources, market conditions
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
The marketing mix is a tool which is used by the organisations to develop and implement efficient and effective marketing strategies in the workplace. The marketing mix consists of a number of factors which are related to the organisation, its business model and its products. In this section of the report we will discuss the importance of the marketing mix in the marketing strategy implemented by McDonalds. Along with the significance of the marketing mix in the marketing strategy of McDonalds, we will also discuss a number of constituent factors of the marketing mix deployed by McDonalds (Bal, 2015).
In determining the method of packaging a product, usually the most important aspect is that it serves as a container that will contain and protect the product to be safe and not damaged. However, at the same time, the packaging should also take into consideration several other aspects as well as acts such as:
In this environment, labeling has to work harder than in any other consumer product location. It is all about shelf appeal and the ability to communicate product attributes. This is a difficult challenge by itself but added to this is the fact that according to industry sources, 70 percent of purchase decisions are made at the point of sale. As such, the ability of the
Product is the core of marketing, which including tangible goods like food or drinks or intangible services, as it is the major way to embody customers requirements; and, branding is directly associated with it. In fact, branding is all about decisio ns of products, like brand names or trademarks. Stork (2007) asserted that a brand is a unique business identity which represents the personality, quality or origin of products. And, such a product which added value by branding would appear in every activity of marketing, namely, branding is actually react on the whole marketing system directly and indirectly.
Hillenbrand, Philipp; Sarael, Alcauter; Cervantes, Javier; Barrios, Fernando. (2013). Better branding: brand name can influence consumer choice. Journal of Product and Brand Management, 22(4), 300-308.
Some of researchers try to investigate all possible elements of package and their impact on consumer’s purchase decision, while others concentrates on separate elements of package and their impact on consumer buying behavior. Moreover some researchers investigate impact of package and its elements on consumer’s overall purchase decision, while others – on every stage of consumer’s decision making process.
Labeling provides information regarding the product category, the products’ ingredients, and product instructions. Consumers when making their mind whether to buy or not to buy a product they are guided not just by the taste, but also some other extrinsic factors such as, brand awareness, labeling, price and origin. When branding your company or service, it’s important to tell a unique visual story. That’s why it’s good to create a label which can excite your clients, attract, and make them proud to use your product.
From buying a hamburger to buying a house people use a process in order to make a decision on what to buy. (book cite) describes this as the consumer decision process (pg.175). Utilizing a consumer decision process model, marketers are able to better understand how consumers are purchasing products and services. The five step consumer decision process model includes need recognition, information search, alternative evaluation, purchase, and post purchase. Not all purchases require following all five steps to a T, but consumers, whether they know it or not, follow a version of this model when making a purchase. Companies also use this model in order to effectively market their products and services. A company
Prepare an essay comparing and contrasting a 4-P (price, product, place and promotion) approach to marketing versus the value approach (creating, communicating, and delivering value). What would you expect to be the same and what would you expect to be different between two companies who apply one or the other approach?